New Delhi: Gold and silver remained volatile throughout the week. While gold rates were dipped by Rs 342 to Rs 45,599 per 10 grams, silver fell in Indian markets by Rs 2,007 to 67,419 per kg in the capital city yesterday. At the start of the week, Gold futures on multi commodity exchange (MCX) soared 0.3 per cent to Rs 46,340 per 10 gram on February 22, after trading at the lowest levels in eight months. Also Read - Gold Prices Today: Gold Rate Slips to Lowest This Month, Declines to Rs 46,750 Per 10 Gram. Check Rate in Your City
Notably, the yellow metal rates have declined by over Rs 10,000 or 18 per cent per 10 gm in the last 6 months. It had touched record highs (Rs. 56,200 per 10 gm) in August last year. Silver, on the other hand, had gained 0.8% to Rs 69590 on MCX on Monday. As per the reports of PTI, the precious metals witnessed a jump due to the recovery in international prices.
A day later as well, gold and silver futures prices traded with gains. On February 23, the price of yellow metal climbed to 46,372 per 10 grams after an increase of Rs 337 in the national capital. Silver rates were 69,667 per kg on that day. However on Wednesday (February 24), yellow metal witnessed a marginal dip of Rs 148 to Rs 46,307 per 10 grams in Delhi. The prices of the precious yellow metal plunged further on Thursday and gold was being sold at Rs 45,959 per 10 grams (after a fall of Rs 358).
Yesterday too, gold and silver continued their southward march. In the national capital, 22-carat gold witnessed a dip of Rs Rs 350, following which it was trading at Rs 45,550 per 10 gm.
Gold Rate in India This Week
Courtesy: Good Returns Website
Massive Surge in Demand
Following the fall, there was a massive surge in buying and demand of gold across the country. Speaking to Reuters, a wholesaler from Kolkata said that people are happy with the current price, following which there is good demand for jewelry from retail buyers.